Dutch neobank startup Bunq goes on hiring spree amid fintech layoffs

While many fintech startups are slashing jobs by the thousands, Dutch digital bank Bunq is bucking the trend with plans to significantly expand its workforce, focusing on hiring digital nomads.

Bunq revealed to CNBC on Thursday that it plans to boost its global team by 70% this year, aiming for over 700 employees. This hiring spree comes even as other fintech startups have decided to reduce their headcount.

The news comes just two months ago after Bunq secured $111 million in funding at a $1.8 billion valuation to fuel its U.S. expansion.

Already active across the European Union, Bunq has its sights set on new territories, including the U.K. and the United States, where it will compete with well-established names like Monzo, Revolut, and Chime. The company emphasized the need for local talent in these regions to support its ambitious growth plans. By the end of this year, Bunq expects to reach 735 employees, up from 427 at the start of 2024.

“Our focus is on digital nomads, those who move freely around the globe,” CEO Ali Niknam explained in an email to CNBC. Digital nomads typically work remotely from various locations, such as hotels, cafes, and co-working spaces, while traveling.

“We want to be able to serve our users wherever they are, but due to regulatory requirements, we need additional personnel to make this possible,” Niknam added.

Founded in 2012 by Ali Niknam, Bunq has positioned itself as the “bank of The Free,” aiming to offer a user-friendly and transparent banking experience that breaks away from traditional norms.

Bunq is currently pursuing banking licenses in both the U.S. and U.K. It has applied for a federal banking license in the U.S. and is waiting for approval from U.K. regulators to operate as a licensed e-money institution.

The bank is actively recruiting across multiple departments, including sales, business development, product marketing, PR, affiliate marketing, market analysis, user support, development, and quality assurance. Many of these roles will be part of a program allowing staff to work from anywhere, appealing to digital nomads. However, Bunq made it clear that it will keep its offices open, with many new hires expected to work from locations in Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, and New York City.

Over the past two years, layoffs have been widespread in both fintech and the tech industry at large, as companies adjusted to the high spending during the pandemic years of 2020 and 2021.

With its new capital, Bunq plans to strengthen its international presence, initially focusing on European expats in the U.S. who maintain ties to their home countries.

“It’s been an incredible year for us,” Niknam said in a press release. “We’re expanding fast and have seen significant growth in deposits. With more people trusting us with their money, we’re determined to build on this momentum and pave the way for future growth.”

Based in the Netherlands, Bunq now serves around 9 million customers, up from 5.4 million a year ago. Customer deposits have reached €4.5 billion, a significant rise from €1 billion two years earlier, highlighting the company’s rapid growth and appeal.